NeeteshJain

Muthoot Finance - Breaks Symmetrical Triangle

Short
BSE:MUTHOOTFIN   MUTHOOT FINANCE LTD
It is been observed that the price action breaks out from a symmetrical triangle on a daily chart , indicating a strong selling and further weakness ahead. It is important to confirm the breakout with a close below 350 levels.

T1: 325
T2: 310
T3: 300

Stoploss: 370
Trade active: It did close below 350 levels, now it shall go further down from next week. Regards
Trade closed: target reached
Trade closed: target reached: Today, we also achieved Target 3 successfully, Regards

Comments

one can even form a triangle by pulling the base line of the traingle to the close of the last candlestick and get 3 touchpoints,so can we say the breakout still has not happened?
+1 Reply
NeeteshJain NamantSatiya
@NamantSatiya It could be another valid scenario. Well spotted, Regards
Reply
NamantSatiya NeeteshJain
thanks,i'm hoping for a breakout on the upside,what do you think are the chances.(pretty low according to me)
Reply
Its not in FNO in that case how do you plan to trade this one
+1 Reply
dev_trader morphousd
Valide question. I think it may be on intraday basis short. Just a innocent guess based on understanding i have.
+2 Reply
NeeteshJain morphousd
Yes, you're correct. This chart is just for educational purpose only. Regards
Reply